SUDAN NEWS ALERT: Sudan Tribune - Sudan central bank floats pound
21/2/2021: Sudan Tribune - Sudan central bank floats pound
Sudan Tribune reports that Sudan’s central bank floated the local currency saying its price will be fixed by the exchange rate in the local forex market. The dollar was selling for about 380 Sudanese pounds in cash transactions, as the official rate was at 55 to the dollar.
"Banks are required to announce currency exchange rates based on supply and demand in the market," said the Bank of Sudan. The central bank added that the purpose of the devaluation is to stabilise the exchange rate and to transfer the hard currency from the parallel market to the formal market.
The devaluation would allow the banks to attract foreign investors and remittances of Sudanese abroad. The measure will also pave the way to normalisation with regional and international financial institutions as well as making it easy to ensure grant flows and loans from these bodies.